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Asia will be booming in the coming years

Ng Eng Hen, Defence Minister of Singapore, said that Asia will do better than other parts of the World. He claimed the same in a panel discussion at 48th Munich Security Conference (MSC) in Germany that took place from 3rd February

2012 to 5th February 2012.

The conference consisted of defence and foreign ministers,military leaders,parliamentarians,heads of government and

security experts.

According to IMF (International Monetary Fund), Asia will grow to a large amount by 2015 and hence will then be

comparable to the large economies like US and Europe in combination. Also by 2030, there will be large number of

middle class and hence will contribute for more than 40 percent of the global output. This may exceed the size of G-7 economies in totality.

In the coming years, Asia will be developing very much and hence would account for 43 percent of the World consumption in the coming years.

Ng Eng Hen iterated that many places in Asia are still young when compared with European Union and US along with their states and institutions.

Asia has got many capabilities and hence Ng Eng Hen urged US and European Union to continue their strategic engagement in Asia in order to strengthen the cooperation and constructive partnerships so nations, all together, can come to address the global problems together.

The issues that were discussed in the 3 day conference were new security parameters such as energy, resources and the environment,developments in the Middle East and cyber security,the implications of the financial crisis for international security etc.